Ministry of Commerce & Industry
Commerce & Industry Minister Piyush Goyal interacts with Export Promotion Council members and trade bodies in Mumbai
Terms India-UAE Comprehensive Economic Partnership Agreement a win-win deal for both the countries
Mumbai, 21 February 2022
Union Minister for Commerce and Industry Shri Piyush Goyal interacted with Industry Representatives on India- UAE Comprehensive Economic Partnership Agreement in Mumbai today. Union Minister Shri Goyal said he wanted to personally interact with industry stakeholders and brief about the CEPA so that the industry can look these engagements seriously and gain most out of the development.
Following are highlights from the Union Minister’s interaction:
- Union Minister Shri Piyush Goyal termed the agreement as the fastest Comprehensive Economic Partnership Agreement done within 88 days. Union Minister said hallmark for the CEPA is the 100 percent inter-ministerial and Stakeholder concurrence
- Union Minister Shri Goyal said India and UAE are natural partners due to the complementary nature of economies and increasing trade will increase synergy across all domains like MSMEs, Startups, Exporters, Companies, People
- Commerce and Industry Minister said both India & UAE believe in the principles of Reciprocity, Rule of law & Transparency. Calling the India-UAE CEPA a win-win agreement, he said Indian industry can explore avenues for start-ups in UAE while the start-ups may find investors in the Emirates
- Union Minister Shri Goyal termed the CEPA as balanced, fair, equitable agreement that covers every sector of the economy. He said Gems Jewellery, Textiles Pharmaceuticals, Medical Devises and goods, Plastics, Engineering and Automobiles, Leather and Footwear, Furniture and wood products, Food Processing etc. can gain immensely from the CEPA.
- Commerce and Industry minister highlighted that Exports of Gems & Jewellery would increase to $ 10 billion in 2023. Plastics industry will witness big jump in exports. Plastic raw-materials will become cheaper.
- Minister further said, Around 90% of products exported from India to UAE will attract zero duty with implementation of the Agreement.
- Union Minister Shri Goyal further said Preferential access to the UAE market which will induce additional increase in exports projected at $ 1.3 billion. During 2020-21, India exported plastics worth $ 418 million to the UAE.
- He assured that the Farmers have been fully protected in the India- UAE Comprehensive Economic Partnership Agreement. He added ‘The food processing sector is the country will get a boost
- Union Minister highlighted the key factors about why India stand to benefit for this CEPA:
- Geographical diversification is desired by partner country UAE, and hence opening up market for India
- With five more countries coming on board, access to middle east will be enhanced
- Number of countries from African Continent will also be opened through UAE markets
- European countries close to UAE would also be accessible
- Increased trade opportunities with UAE not will benefit Indian population in UAE but also through remittances to India
- Commerce Minister said the bilateral trade between the countries will increase by 100 bn dollars. He added ‘The FTA comes at an opportune time while we are working towards and Aatmanirbhar Bharat. We are also negotiating FTAs with other countries such as the UK, Australia, EU, Israel etc.’PIB Mumbai | RT/SC/CP/DR
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